Struggling Best Buy selects new CEO

Best Buy Co. chose a new CEO to lead the company as it struggles with falling sales and manages a public exchange with founder Richard Schulze, who proposed taking the company private this month, the Wall Street Journal reported.

The new CEO, Hubert Joly, was chief executive of hospitality and restaurant giant Carlson, which includes businesses such as Radisson and T.G.I. Friday’s. Joly is expected to take over as president and CEO in early September once he secures a visa.

Schulze, Best Buy’s largest shareholder, disclosed a proposal to buy out the retailer for between $24 and $26 a share. The company operates seven stores in Greater Cincinnati.